Posted on: 27th Jul, 2009 11:11 am
I own a house appraised I'm selling for $350K and I owe $300k in mortgage on the house. I have a buyer who only has $20K to utilize as a down payment, when $70K is actually required.
Can I as the seller finance the extra $50K? If so would the bank where I hold my mortgage be O.K. with this option?
Can I as the seller finance the extra $50K? If so would the bank where I hold my mortgage be O.K. with this option?
i do not think there is any problen with down payment of 20K. he can take mortgage for balance & pay to you.
mortgage will help him as per my understanding.
And pay minimum down payment
And pay minimum down payment